Lord Mayor of London visits Scotland promoting financial and professional services

The Lord Mayor of the City of London, Charles Bowman, will embark on a three-day visit (15-17 January) to Edinburgh and Glasgow, meeting politicians and businesses. The Lord Mayor will reiterate the importance of strengthening ties between the UK’s major financial hubs Edinburgh, Glasgow and London, during the visit.

The Lord Mayor, who acts as an ambassador for the sector, will meet Scotland’s First Minister Nicola Sturgeon. The meeting is expected to focus on how the two countries can continue to strengthen their financial services ties, how they can forge new relationships with emerging financial centres across the world, as well as the challenges faced as the UK prepares to leave the EU.

He will also meet the Lords Provost of Edinburgh and Glasgow, members of the banking, investment management, insurance, legal and professional services communities, and business and trade associations representing the broader Scottish economy.

The visit marks the first time the Lord Mayor will launch his ‘Business of Trust’ initiative in Scotland. Created with the aim of restoring faith in the financial services sector, the work will be challenging business to raise its game to form a lasting legacy of better business trusted by society.

Financial and professional services firms employ almost 100,000 people directly, and around the same again indirectly. They generate around £8 billion for the Scottish economy - more than 8% of Scotland’s onshore economic activity. A recent report by the City of London Corporation also found that Scotland employed the largest number of financial services workers after London, accounting for 14% of the UK’s entire workforce.

“Scotland has a distinguished history in financial and professional services. It truly is one of Europe’s leading financial centres and the second financial hub in the UK.

“My visit to Edinburgh and Glasgow provides an opportunity for me to learn more about the strengths of this key sector in Scotland, which I will be promoting during my intensive programme of international visits in the year ahead. I will also discuss the challenges and opportunities that the entire sector faces as the UK prepares to leave the EU.

“Now, more than ever, it is essential that the whole of the UK’s financial and professional services sector works together to protect and strengthen its global position. I look forward to speaking to government and business leaders in Scotland about how we can work together and create the jobs and economic growth we all want to see.”

First Minister Nicola Sturgeon commented:

“I welcome the opportunity to meet with the Lord Mayor of London, which will provide an important opportunity to discuss the links between London and Scotland and reaffirm Scotland’s pre-eminent position as a global financial hub.

“In particular I look forward to learning more about the Lord Mayor’s Business of Trust agenda, and how it may link to the Scottish Business Pledge, which has so far been signed up to by 423 companies in Scotland.”

-ENDS-

Notes to Editors:

1. About the Lord Mayor of the City of London:

The Lord Mayor is head of the Square Mile’s City of London authority for one year and the position is unpaid and apolitical. The Lord Mayor spends some 100 days abroad and addresses some 10,000 people face-to-face each month (making around 800 speeches a year).

The Lord Mayor represents City businesses and helps the City Corporation advise the Government of the day on what is needed to help the financial services sector to function well. The Lord Mayor frequently travels to represent the City and travels overseas with the status of a Cabinet Minister.

The Lord Mayor meets several international heads of government and business each month to discuss financial services, often in conjunction with senior City business representatives. The Lord Mayor lives in the Mansion House for the Mayoral year.

2. Charles Bowman is the 690th Lord Mayor of the City of London. His one-year term of office started in November 2017. He is a qualified chartered accountant and senior partner with PwC, having joined the firm in 1983 and been admitted to partnership in 1995. His areas of specialisation are delivering audit, assurance and capital market transaction services to larger listed and multinational companies.

3. Since taking up his role in November 2017, the Lord Mayor has already visited Saudi Arabia and the United Arab Emirates. His programme for 2018 includes among others, Australia, China, the United States, Brazil, Nigeria and India.

The City of London Corporation provides local government and policing services for the financial and commercial heart of Britain, the 'Square Mile'. In addition, the City Corporation has three roles:

It supports London’s communities by working in partnership with neighbouring boroughs on economic regeneration, education and skills. In addition, the City of London Corporation’s charitable funder, City Bridge Trust, makes grants of around £20 million annually to tackle disadvantage across London.

It also helps look after key London heritage and green spaces including Tower Bridge, the Museum of London, Barbican Arts Centre, City gardens, Hampstead Heath, Epping Forest, Burnham Beeches, and important commons in London.

It also supports and promotes the ‘City’ as a world-leading financial and business hub, with outward and inward business delegations, high-profile civic events and research-driven policies, all reflecting a long-term approach.